US sanctions Philippine tech firms for allegedly facilitating cryptocurrency scams

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MarsBit
05-30
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According to Mars Finance, the U.S. Treasury Department Office of Foreign Assets Control (OFAC) stated on May 29 that Funnull Technology is associated with most most most fraud to the FBI, with victims suffering losses exceeding $200 million. OFAC reported that Funnull purchased IP addresses in bulk from cloud service providers and sold them to scammers, enabling them to host and operate clones of legitimate investment platforms, deceiving victims and stealing their cryptocurrencies. OFAC noted that in a case in 2024, Funnell purchased code libraries used by web developers and modified the code to redirect visitors of legitimate websites to scam websites for online.

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